As part of reducing unemployment among the youth in South Africa, the NYDA has initiated and implemented programmes which include the design of self-employment jobs through financing youth enterprises, providing services that promote job creation through business support programmes and placement of young people in the job market. During the 2011/2012 period, a total of 12 579 opportunities for self-employment and job placement were increased for young people. Most new jobs were created through the financing of micro-enterprises and business support, which accounted for 91, 9% of all jobs created by the NYDA in the year under review. The NYDA administers the National Youth Fund (NYF) for bursary and youth projects. The NYF raised funding of R71, 5 million from its partnerships with the public and private sectors, and international organisations. Of the total funding raised for the fund, more than half, R46 722 300, came from the private sector. Some 124 bursaries and scholarships were issued to young people from the fund and R802 258 was spent on youth-initiated projects across the country. 3.3 CORPORATE GOVERNANCE 3.3.1 Companies legislation and transformation Transformation in South Africa’s context is in part premised on the need to fundamentally expand economic inclusion of previously disadvantaged communities who are, by numbers, mostly the black majority. Post-apartheid economic policies seek to give practical expression to this noble goal. In pursuit of transformation, the new Companies Act of 2008 seeks primarily to facilitate the ease of doing business in relation to the formalisation of corporate entities, and the enabling of a supportive environment for efficient growth of well-governed, credible businesses. By creating a single regulatory regime for all businesses, the Act eases the regulatory burden and streamlines company registration – a process which promotes the growth of small business. This is evidenced by the increase in the number of new companies registered since the implementation of the Act on 1 May 2011 as compared to the same period prior to the Act. This allows formalised entrepreneurs to access finance and other resources only available to the incorporated form36. The Act also set up the Companies Tribunal, Takeover Regulation Panel, Financial Reporting Standards Council and the Companies and Intellectual Property Commission to promote, implement and monitor the implementation of provisions of the Act. The Companies Tribunal, which will adjudicate disputes between companies, is expected to reduce regulatory compliance costs and provide redress quickly. The Financial Reporting and Standards Council is expected to align the country’s development and application of financial standards, with a focus on IFRS for SMEs, meant to ensure that financial management standards are in line with global standards while remaining sensitive to local conditions. 36 DTI (2012): ‘CIPRO Report 2012’, CIPRO, Pretoria. 64